BioPower signs joint venture agreement for cellulosic ethanol
November 22, 2013
BY BioPower Operations Corp.
BioPower Operations Corp. has announced that its wholly owned subsidiary Global Energy Crops Corp. entered into a 50-50 joint venture agreement with Alternative Green Today LLC to license the joint venture's intellectual property for the production of cellulosic biofuels. Targeted companies will include oil companies, sugar companies and all other producers of ethanol and transportation fuels. Global Energy will manage the joint venture.
The joint venture intends to provide a platform of sustainable solutions for the production of cellulosic biofuels and biobased products in a flexible and cost-effective manner. Marco Baez-Vasquez, chief scientific and technology officer for BioPower, said, "Our latest work and results have made significant progress towards configuring an advanced process for the production of cellulosic biofuels economically. We intend to license our technology to sugar producers, ethanol producers, transportation fuels and energy companies looking to achieve low capex and OPEX backed biofuels production goal."
Randall Padget, CEO of AGT, said, "We have been working for many years to produce an advanced microbial based technology that could be used for the conversion of cellulosic sugars into ethanol at much greater rates and much lower costs than achieved by others today. We believe we have achieved a major breakthrough and we have partnered with Global Energy to improve, market and license our sustainable platform solutions throughout the world."
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